The Inco Innovation Centre will be established on the St. John's campus of Memorial University. The centre will address the scientific, technical and human resource needs of the Voisey's Bay project and will focus on education and research in mining, exploration, metallurgical processing techniques as well as other innovative activities.

Inco will spend $10 million on the facility and provide operating support of $1 million over 10 years.

The announcement of the centre came earlier today when the Government of Newfoundland and Labrador and Inco Ltd. signed a Statement of Principles regarding the development of the Voisey's Bay mineral deposit.

"Memorial University has been working in conjunction with the provincial government and Inco to establish a centre dedicated to innovation and outstanding research which builds on Memorial's commitment to serve the people of Newfoundland and Labrador. We look forward to developing and sustaining a highly educated workforce and to ensure a supply of qualified personnel for the Voisey's Bay project and related activities," said Dr. Axel Meisen, president of Memorial University.

The centre will provide world-class education and research opportunities for 50-60 students per year engaged in bachelor's, master's and doctorate level programs.

"Today's announcement will help Memorial extend its existing education and research activities which are strategic for the province," said Dr. Meisen. "The Inco Innovation Centre will assist in the development of the province's nickel industry, provide great benefits to the people of the province based on innovation and will help address long-standing needs of the university for improved educational and research infrastructure."

The Innovation Centre will be located in the former Thomson Student Centre building. Renovations and modifications to the building including architectural design, preparation of tenders and engineering work will begin in late fall 2002 with a target completion in 2004.